What was the name of the 2008 global crisis intensified by the collapse of Lehman Brothers?

The 2008 global crisis intensified by the collapse of Lehman Brothers was the global financial crisis. Lehman Brothers filed for bankruptcy on September 15, 2008, after losses tied largely to mortgage-related assets and the collapse of the U.S. housing boom.

The crisis had developed earlier through risky mortgage lending, complex securitized products, excessive leverage, and weaknesses in financial regulation. When house prices fell and borrowers defaulted, institutions struggled to value and sell mortgage-linked assets.

Lehman’s failure increased fear about counterparty risk and froze important parts of credit markets. Governments and central banks responded with bank rescues, emergency lending, guarantees, interest-rate cuts, and fiscal stimulus.

The crisis produced a severe recession and a major debate about financial-system supervision. It is sometimes called the Great Recession, although that term refers more specifically to the economic downturn that followed the financial shock.